House approvals at highest level since August 2022
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The news: There were 14,842 dwellings approved in September, a lift of 4.4%, after a 3.9% fall the month before, according to latest Australian Bureau of Statistics (ABS) figures.
The numbers: Private sector house approvals are 16.7% higher than September 2023.
However, dwellings excluding houses remain 12.2% lower than a year ago despite experiencing a 4.7% increase month-on-month driven by high-density apartment approvals at 1,815 in September compared to 1,201 in August.
The context: Approvals lifted in all states except for NSW, with Queensland, Western Australia and South Australia having the biggest increases over the month.
However, overall building approvals remained far below the 20,000 required to meet the government's 1.2 million five-year target for new homes.
What they said: "The rise this month was driven by increases across all dwelling types. Private sector houses reached 9,745 approved in September, to be at the highest level since August 2022," ABS head of construction statistics Daniel Rossi said.
"Private dwellings excluding houses rose by 4.7%, but remain at subdued levels following a 13.5% fall in August."
The source: Australian Bureau of Statistics media release
